NORWALK, CT -- January 8, 2014 -- GE Capital, Corporate Finance today announced it is serving as administrative agent on $72.5 million of senior secured credit facilities to Permian Basin Materials, LLC (PBM), a newly formed affiliate of WL Ross & Co. LLC (WL Ross). The credit facilities are being used to support the simultaneous acquisitions of Crockett County Mining, Ltd., Highland Concrete Co., and Wallach Concrete, Inc., and for ongoing working capital needs. GE Capital Markets served as sole lead arranger and bookrunner on the transactions.
The combined operations of Permian Basin Materials will be a leading producer of construction aggregates and concrete for general construction and energy markets in the Permian Basin region of west Texas and southeast New Mexico, one of the world's oldest and highest yielding oil regions. In total, PBM will own or lease 10 aggregates mines and 16 ready-mix concrete plants in the region.
"GE Capital has been a valued financing partner of ours for years," said Patrick Machir, senior vice president, WL Ross. "We value their industry knowledge, structuring expertise and excellent capital markets capabilities."
"We are pleased to support the exciting formation of Permian Basin Materials," said Bob McCarrick, chief commercial officer---lending at GE Capital, Corporate Finance. "We specialize in providing capital to help acquire and build middle-market companies."
About GE Capital, Corporate Finance
GE Capital, Corporate Finance provides asset-based, cash flow and structured loans and leases to mid-size and large U.S. businesses. Financing supports working capital, growth, acquisitions, turnarounds and balance sheet optimization in key sectors: Aerospace and defense; automotive and transportation; chemicals and plastics; construction and building products, corporate aircraft; energy; food and beverage; manufacturing; marine; metals and mining; paper, packaging and forest products; retail; and technology and electronics. With Access GE, clients also benefit from access to GE's best practices to help build their business. Visit gelending.com/clnews or follow @GELendLease on Twitter.
GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit gecapital.com or follow company news via Twitter (@GECapital). GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. For more information, visit ge.com.
Contacts:
GE Capital, Corporate Finance
Jeff Wilson
203-749-6340
GE Capital, Americas
Ned Reynolds
203-229-5717
# # #
Ned Reynolds
GE Capital
[email protected]
+1 203 2295717
+1 203 8370699
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340